- M: Can I sell a property if it has a lien against it?
A house is salable with a lien; however, payment to satisfy the lien is required at the closing table either from the sale proceeds or ...
- M: How do I make an offer on a "for sale by owner" house?
This is easier than dealing with a Realtor since everything is negotiable, and you can usually write up more items in the contract in your ...
- M: How do I perform a title search of on a property to make sure there's no liens?
The simplest thing to do is contact a local title company. They can perform a title search for you for between $75-100. If you're performing ...
- M: How do you find out if there is a lien on a property you are looking at?
You can have a title company check for you, or you can contact the county recorders office where the property is. Liens have to be ...
- M: My house has been listed with an agent for over three months and I’m not happy. What options do I have?
All listing contracts have expiration dates. When is yours?
If it is not coming up soon, tell the agent and/or his manager that you want to ...
- M: Am I required to pay property taxes in two towns if my house is in one town and the back of my yard is in another?
Yes. But the taxes paid should be related only the the portion of property in each jurisdiction. In other words, the town in which the ...
- M: What are the advantages of forming an LLC?
The advantages of forming an LLC are that the members are afforded limited liability and have pass-through taxes similar to a partnership.
by forming an LLC ...
- M: Does a lease transfer with the sale of a property?
If there is a binding lease between a property owner and a tenant, then the lease transfers to the new property owner if the property ...
- M: Can I wholesale a probate?
Yes. ...
- M: After I put a wholesale property under contract, what is a good mark up on the price to offer a buyer?
On a wholesale deal your buyer is usually an investor. It depends on how big the spread is for them as well as how great ...
- M: I am told the state RE Commissioner is cracking down on wholesalers doing a daisy chain of selling. Do I need to become licensed to email out other investors properties?
You need to have a joint venture agreement with others who are under contract, or you have to be a principal in the contract yourself ...
- M: Do you tell your buyer upfront that you are doing assignment or double closing?
We disclose up front that we are wholesalers and have a contract on a property. Most investors understand that wholesalers are a valuable resource, and ...
- M: How can I find a title company that will let me do a double closing on my wholesale deals with large profits, and why don't they all do double closings?
Most title companies today deal with traditional real estate transactions between homeowners buying and selling a place they are living in or going to live ...
- M: How do I avoid losing a deal when the buyer sees my fee amount?
First and foremost, you want to build good rapport with the buyer and seller and let them know what it is you are doing so ...
- M: How do the smaller investors compete against the hedge funds on wholesaling properties when the hedge funds can bid so much more?
The hedge funds are lazy and the majority are only buying houses at auctions, from other investors, or on the MLS. If you're a wholesaler ...
- M: Are there any special tax breaks for a historic rehab houses?
Qualified rehabilitated buildings and certified historic structures currently enjoy a 20 percent investment tax credit for qualified rehabilitation expenses. A historic structure is one listed ...
- M: Can I purchase real estate with my IRA?
The IRS is clear about what is and what is not allowed in an IRA. While certain transactions related to real estate may be prohibited, ...
- M: How do I project rents on a rental?
If you are buying a rental income property and applying for a loan to do so, the lender will require an area rent survey by ...
- M: How do you know whether the price of a home per square foot is reasonable or if you are about to overpay?
Keep in mind that much more goes into the market value of a house than it’s square footage. For example, two houses next door to ...
- M: Are landlords required to paint between tenants?
Check your State Residential Landlord Tenant ActLandlord-tenant laws vary from state to state. For example, according to Ohio Legal Services, landlords in that state are ...
- M: What is a cash flow basis?
A calculation that shows when your monthly payment savings will exceed your estimated closing costs and discount points. The cash flow basis does not take ...
- M: What is depreciation recapture?
A situation in which the owner is required to pay tax at normal rates of income to the extent of the excess accelerated depreciation. This ...
- M: Where can I learn more about appealing my property taxes?
Contact your local tax assessor's office to see what procedures to follow to appeal your property tax assessment. You may be able to appeal your ...
- M: Can a landlord get a forwarding address at a post office?
It is possible for a landlord to get a forwarding address if the former tenant left one. The landlord should address an envelope to the ...
- M: Does investing in income property protect you against inflation?
An incorrect theory promulgated by many real estate promoters is that rents will increase alongside of inflation. Further, this theory rationalizes that these rental increases ...
- M: How do I find out if an area is good for buying a rental property?
Try the local Chamber of Commerce, Realtor Board, or gov to try and find current housing stats. You're looking for a low vacancy rate, low ...
- M: How do you choose between condos and single-family homes to invest in?
While single-family homes have been the preferred investment by home buyers, changing demographics are helping make condos more popular, especially among single home buyers, empty ...
- M: How much money should you keep in reserves for a rental property?
Reserves should be a percentage of expenses. If the house was vacant for 3 months could you afford to carry it? Add to that a ...
- M: Once I purchase a property, how do I find a tenant if I don't use a property manager?
Get the property into "move-in" condition, advertise locally on free sites and/or in the local newspaper, get a copy of a good lease to use ...
- M: What appliances are typically included in a rental property?
This varies greatly by property type, region, and rent rate. If you want to get top dollar for your rental it is usually better to ...
- M: What is a triple net lease?
A lease that the tenant pays all operating expenses for the property so that the landlord receives net rent with tenant paying; taxes, insurance, and ...
- M: What is blanket property insurance coverage?
Blanket insurance is a type of insurance that combines a number of separate property coverages at two or more locations under a single combined limit ...
- M: What is rent loss insurance?
Rent loss insurance is a policy that ensures a landlord or rental property owner will receive income or interim payments if one or all of ...
- M: What is the best way to find rental and vacancy rates for an area?
Your local Apartment Association would probably either have that information or know where to get it.Also try going to go to the local REIA meetings ...
- M: Can I buy a HUD house for as little as $100 down?
If you are strapped for cash and looking for a bargain rehab property, you may be able to buy a foreclosure property acquired by the ...
- M: Does FHA require well & septic inspections?
"If a septic system is part of the subject property, the appraiser must determine whether the area is free of conditions that adversely affect the ...
- M: How long is a home appraisal valid?
According to real estate appraisers, home appraisals are usually good for three to six months. However, you may need to get a new appraisal on ...
- M: I am interested in buying a house which is listed "as is." Will a bank require an inspection before approving a loan? Will a bank approve a loan on a house needing repairs?
A bank doesn't require you to get a house inspection in order to obtain a mortgage. If there are obvious major problems that affect value, ...
- M: In doing wholesale assignments, how do you deal with sellers or agents who are asking for proof of funds?
We give them a proof of funds letter. In the Clever Funding List in Module 5 of either YFM or the FT, go to the ...
- M: What is the average FHA PMI cost?
Although commonly referred to as FHA PMI, the correct terminology is MI (mortgage insurance) due to its FHA status. It serves the same purpose as ...
- M: Are supplemental tax bills due at the same time that your normal property tax bill is due?
That depends and varies entirely by the taxing jurisdiction and the law/process used to allow the tax. Most substantial ones have some type of payment ...
- M: Are taxes on second homes deductible?
Mortgage interest and property taxes are deductible on a second home if you itemize. Check with your accountant or tax adviser for specifics. ...
- M: How do property taxes work?
Property taxes are what most homeowners in the United States pay for the privilege of owning a piece of real estate, on average 1.5 percent ...
- M: What is the difference between a Lease-Option, Subject-To, and Sandwich Lease Option?
Lease-Option: A lease with an option to purchase allows an owner to rent a property to a tenant with the intention of the tenant buying ...
- M: When working with subject-to transactions how can you reassure the homeowner that you will make the payments on their loan?
You can do one of two things to show the homeowner that you are a serious player and there to do business if staying involved ...
- M: Can you negotiate the price of a bank owned house?
Everything in real estate is negotiable. However, banks are more sophisticated about pricing than they were years ago. So those "Get a great deal on ...
- M: Do you have to buy HUD houses through a real estate agent?
You can only purchase a U.S. Department of Housing and Urban Development property through a licensed real estate broker that is registered to bid on ...
- M: How can I buy foreclosed properties?
Foreclosure shopping in most states is broken down into 3 markets:
1. Pre-foreclosure: where you bargain with the owner after they receive their notice of default, ...
- M: How do you find government-repossessed homes?
The U.S. Department of Housing and Urban Development acquires properties from lenders who foreclose on mortgages insured by HUD. These properties are available for sale ...
- M: How much does a busy road lower real estate value?
A home on a busy road usually commands $5-$10K less than homes not on busy streets, according to Trulia Real Estate. However, perceived value is ...
- M: How much should I depend on my real estate agent?
What is the job of a real estate agent? To provide information. Period. Your job as principal is to gather as much good, meaningful information ...
- M: Where can you find foreclosed HUD houses?
https://www.hudhomestore.com
The U.S. Department of Housing and Urban Development acquires properties from lenders who foreclose on mortgages insured by HUD. These properties are available for sale ...
